Exploration Production Software Market Expected To Reach A Valuation Of Us$14.7 Bn

​The top three leading players in the global exploration production software market are Schlumberger Limited, Paradigm B.V., and Landmark Solutions. As of 2015, these companies collectively held a share of 16.4% in the overall market. The promising players in the global market are projected to dedicate their investments and research and development activities to developing new technologies in the coming years. To remain relevant and competitive, companies will also focus on making their software feature-rich.

According to the research report, the global exploration production software market is expected to reach a valuation of US$14.7 bn by the end of 2024 from US$3.1 bn in 2015. Between the forecast years of 2016 and 2024, the global market is projected to progress at a CAGR of 18.9%.

North America to Dominate Global Market with US$4.1 bn Revenue by 2024

The various types of software available in the global exploration production software market are seismic amplitude analysis, risk management mapping, performance tracking, portfolio aggregation, navigation system, resource valuation, reservoir characterization, reservoir simulation, drilling, and production. The report indicates that the reservoir simulation software is likely to dominate the global market in the coming years. By the end of 2024, this segment is expected to account for a share of 20.3% in terms of revenue.

Geographically, the global exploration production software market is fragmented into Europe, North America, the Middle East and Africa, Asia Pacific, and South America. Of these, the North America exploration production software market is estimated to lead the pack in the coming years as it is slated to reach a valuation of US$4.1 bn by the end of 2024.

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Rapid Urbanization to have Positive Impact on Revenue of Global Market

The rise of the exploration production software market is estimated to remain in full swing during the forecast period as companies show high acceptance of technology. The changing approaches at bringing superior level of organization in exploration and production activities has ensured swift uptake of novel software in recent years. The report indicates that soaring investments in refineries and pipelines, especially in Asia Pacific, the Middle East and Africa, and the Americas will continue to augment the demand for exploration and production software in the near future.

Investments in Shale Gas to Dissuade Growth

The constant changes to income levels, rising population, and rapid urbanization are some of the key factors likely to make a meaningful impact on the demand for oil and gas, which will directly translate into higher revenue for the overall market. The emerging trend of scouting for unconventional gas has also played a critical role in the adoption of latest software and technologies. Exploration and production of unconventional oil and gas that requires horizontal drilling is expected to use modern software and technologies for accuracy that will eventually reduce the carbon footprint.

The fluctuating prices of oil and gas are expected to dampen the market spirits as companies will remain focused toward production instead of exploration in the coming years. The plummeting crude oil prices can be attributed to political volatility across the globe, improving U.S. dollar, and growing investments in the exploration of shale in the U.S.